Sony Pictures has predicted a $2.15 billion full-year loss Wednesday, bigger than previously forecast, due to a write-down on the value of its mobile communications business. The faltering company is facing more superior products from tough competition in the mobile phone market has seen Sony continuing to miss sales and profit targets. The estimated value of the entire mobile operation has been revised downward in Wednesday’s announcement.
In July, the entertainment and electronics conglomerate had forecast a $500 million loss for the year to March 2014.
Sony had been predicting operating income of $1.4 billion but has revised that to a deficit of $373 million.
Sony owns CBS’s “The Young and the Restless” and “Days of Our Lives.”
A press conference will be held later Wednesday at Sony’s Tokyo headquarters to provide more details.
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Written By: Tommy Lightfoot Garrett
Photographs are Courtesy: CBS; Sony
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